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GBP/USD is trading largely unchanged on the day near 1.3413 at press time, having faced multiple rejections above 1.3430 in the past nine hours. 

The struggle to keep gains above 1.3430 has weakened the immediate bullish case put forward by the 4-hour chart sideways channel breakout confirmed on Tuesday. 

As such, a re-test pf 1.3398 – the upper end of the sideways channel – could be in the offing. A bounce from that level would revive the case for a rally to 1.3483 (Sept. 1 high). 

Alternatively, acceptance under 1.3398 would shift risk in favor of a drop to 1.3285 (Nov. 27 low). 

4-hour chart

Trend: Neutral-to-bearish

Technical levels